FFSM vs. FFLC ETF Comparison

Comparison of Fidelity Fundamental Small-Mid Cap ETF (FFSM) to Fidelity Fundamental Large Cap Core ETF (FFLC)

FFSM

Fidelity Fundamental Small-Mid Cap ETF

FFSM Description

FFSM discloses holdings only on a monthly basis with a 30-day lag. The fund actively selects global mid- and small-cap companies with both growth and value factors. The portfolio is selected using fundamental and quantitative analysis, considering factors such as issuer's financial health and industry position, as well as the overall economic condition. The fund has a Tracking Basket Structure in place, which acts as a proxy portfolio that includes some of the funds holdings from recent disclosure, significant portion of the funds holdings, and cash. This is designed to track the funds daily performance, facilitate arbitrage opportunities and help mitigate the risk of front-running. However, investors should note that its non-transparent structure could result in wider spreads. Before February 26, 2024, the fund traded as Fidelity Small-Mid Cap Opportunities ETF under the ticker FSMO.

Grade (RS Rating)

Last Trade

$24.80

Average Daily Volume

23,863

Number of Holdings ^*

158

* may have additional holdings in another (foreign) market

FFLC

Fidelity Fundamental Large Cap Core ETF

FFLC Description

FFLC seeks to achieve long-term capital growth by investing in a global core equity portfolio of large-cap stocks. The adviser generally defines large caps as companies with similar market capitalizations to Russell 1000 or S&P 500 companies. Stocks are selected using fundamental analysis of factors such as financial condition and industry position of each issuer, as well as market and economic conditions. The adviser then incorporates a quantitative portfolio construction process to emphasize securities in which the adviser has high conviction, subject to risk, liquidity, and trading characteristics. The portfolio includes stocks with growth and/or value characteristics. Despite its large-cap focus, the fund's strategy can lead to investments in small- and mid-cap companies. Before February 26, 2024, the fund traded as Fidelity New Millennium ETF under the ticker FMIL. The fund previously used a semitransparent ETF structure.

Grade (RS Rating)

Last Trade

$40.20

Average Daily Volume

61,530

Number of Holdings ^*

133

* may have additional holdings in another (foreign) market

Performance

Period	FFSM	FFLC
30 Days	-5.41%	-3.86%
60 Days	-1.99%	-0.10%
90 Days	4.19%	6.78%
12 Months	22.04%	30.32%

21 Overlapping Holdings

Symbol	Grade	Weight in FFSM	Weight in FFLC	Overlap
ACGL	A	1.23%	0.24%	0.24%
AR	A	1.41%	0.24%	0.24%
BJ	A	1.15%	0.58%	0.58%
CHDN	A	0.84%	0.27%	0.27%
DKS	B	1.02%	0.21%	0.21%
DT	F	0.59%	0.43%	0.43%
ESI	D	0.52%	0.42%	0.42%
FAF	D	0.87%	0.18%	0.18%
FLEX	D	0.35%	0.52%	0.35%
FTI	B	1.63%	0.29%	0.29%
HLI	A	0.59%	0.32%	0.32%
HOLX	A	0.57%	0.28%	0.28%
ITT	B	1.12%	0.39%	0.39%
KBR	A	0.65%	0.42%	0.42%
LNG	D	0.84%	0.51%	0.51%
OI	F	0.49%	0.17%	0.17%
ON	D	0.7%	0.69%	0.69%
PFGC	D	1.14%	0.57%	0.57%
VRT	A	1.4%	0.46%	0.46%
WSC	F	0.46%	0.32%	0.32%
WST	D	0.31%	0.22%	0.22%

FFSM Overweight 137 Positions Relative to FFLC

Symbol	Grade	Weight
TPX	C	1.58%
EME	A	1.51%
AZO	D	1.46%
MOH	F	1.36%
CROX	D	1.26%
UHS	C	1.23%
XPO	D	1.21%
MUSA	B	1.2%
RRX	D	1.14%
EXP	C	1.09%
USFD	C	1.06%
FN	D	1.01%
PVH	D	1.0%
DOX	D	0.99%
LPLA	A	0.97%
NSIT	D	0.93%
WHD	B	0.92%
AIZ	C	0.88%
ATKR	B	0.88%
DFS	B	0.86%
ORI	A	0.86%
CACI	A	0.84%
VNT	D	0.83%
NXST	D	0.82%
AYI	D	0.82%
AME	C	0.82%
JLL	C	0.81%
BC	D	0.8%
AIT	D	0.79%
ASGN	D	0.76%
SNX	A	0.75%
STX	C	0.73%
CRL	C	0.73%
GPK	D	0.72%
PRI	D	0.72%
GVA	A	0.71%
RGA	A	0.7%
MEDP	B	0.7%
BECN	A	0.7%
ACHC	D	0.67%
ALSN	D	0.67%
STLD	D	0.67%
ACM	B	0.66%
PNFP	D	0.66%
AEIS	D	0.66%
CMC	D	0.66%
SNV	C	0.65%
SN	A	0.65%
TGLS	B	0.64%
CNM	A	0.64%
PCG	A	0.64%
CC	D	0.63%
WBS	D	0.63%
G	F	0.63%
AES	A	0.6%
CAH	D	0.59%
FCNCA	A	0.59%
MMS	C	0.58%
OLN	D	0.57%
CADE	A	0.57%
FSS	B	0.57%
RJF	B	0.56%
TENB	D	0.56%
CIEN	D	0.56%
KBH	C	0.55%
LPX	D	0.54%
VTR	B	0.54%
AFG	C	0.52%
WTFC	C	0.52%
HAYW	D	0.52%
CBT	B	0.51%
MTSI	A	0.51%
EXLS	D	0.5%
LBRT	B	0.48%
NOMD	D	0.48%
LSCC	F	0.48%
BCO	B	0.46%
LGIH	F	0.46%
EPRT	A	0.45%
EBC	D	0.44%
ASO	F	0.43%
LEA	F	0.43%
BOKF	A	0.43%
CHX	B	0.43%
LITE	D	0.41%
CACC	F	0.41%
CWK	C	0.4%
CNXC	F	0.39%
FBP	A	0.39%
FROG	C	0.38%
RUSHA	F	0.37%
FIBK	A	0.36%
OMI	D	0.35%
BOOT	B	0.35%
TMDX	A	0.34%
ESGR	C	0.34%
ICHR	D	0.34%
NOG	B	0.34%
DOOO	B	0.32%
LCII	F	0.32%
DIOD	B	0.31%
ARGX	D	0.31%
PGNY	F	0.3%
EAT	A	0.29%
ALGM	D	0.29%
PRO	D	0.29%
HELE	F	0.28%
RGEN	F	0.25%
MTB	A	0.25%
IBTX	F	0.24%
CSTM	D	0.23%
KFRC	D	0.22%
TEX	D	0.21%
PATK	D	0.21%
MDGL	C	0.2%
CRNX	A	0.18%
XPRO	D	0.18%
CYTK	D	0.16%
VCEL	C	0.15%
ECPG	F	0.14%
ACLX	D	0.13%
NUVL	C	0.13%
CLDX	C	0.13%
ICLR	C	0.12%
PCVX	C	0.11%
XENE	C	0.09%
AXSM	B	0.09%
LAUR	A	0.08%
TCBK	A	0.07%
PBH	B	0.07%
ARVN	D	0.07%
MORF	F	0.06%
VRNA	F	0.06%
TXG	F	0.05%
ZNTL	F	0.03%
KROS	C	0.02%
ALXO	A	0.01%

FFSM Underweight 112 Positions Relative to FFLC

Symbol	Grade	Weight
MSFT	C	-7.7%
AAPL	F	-4.51%
NVDA	C	-3.39%
AMZN	B	-3.26%
META	D	-2.57%
GOOGL	A	-2.4%
LLY	B	-1.93%
UNH	B	-1.72%
V	C	-1.63%
XOM	B	-1.49%
ADBE	F	-1.41%
BA	D	-1.31%
AMD	D	-1.27%
BSX	A	-1.23%
TJX	C	-1.2%
CMCSA	F	-1.16%
WFC	A	-1.08%
NFLX	D	-1.06%
ETN	B	-1.05%
UBER	D	-1.04%
TMO	B	-1.03%
PH	B	-1.02%
JPM	A	-0.98%
CRM	D	-0.98%
CB	B	-0.97%
INTU	C	-0.92%
NKE	F	-0.92%
PWR	A	-0.92%
GE	A	-0.9%
BAC	A	-0.9%
KVUE	F	-0.88%
DHR	B	-0.82%
SO	A	-0.82%
LIN	C	-0.81%
ORCL	D	-0.79%
REGN	C	-0.76%
FCX	A	-0.75%
CAT	D	-0.75%
KO	A	-0.73%
IR	B	-0.73%
APTV	F	-0.71%
BKR	D	-0.7%
SHOP	D	-0.69%
LMT	A	-0.68%
NXPI	B	-0.68%
SYK	D	-0.67%
HWM	B	-0.67%
JBL	F	-0.67%
GNRC	B	-0.66%
CEG	B	-0.66%
VST	A	-0.65%
KDP	A	-0.63%
BKNG	D	-0.61%
MS	A	-0.6%
NOC	A	-0.6%
SLB	F	-0.6%
TSM	C	-0.58%
DIS	D	-0.57%
ADI	A	-0.55%
MMC	C	-0.53%
CI	A	-0.52%
CNC	D	-0.51%
RL	D	-0.51%
ABNB	C	-0.5%
WMT	C	-0.49%
CE	D	-0.49%
HLT	C	-0.49%
MLM	C	-0.48%
CLX	D	-0.47%
AZN	A	-0.47%
NVR	D	-0.45%
BWXT	C	-0.45%
SNPS	D	-0.44%
CSCO	D	-0.44%
WDAY	F	-0.44%
CMG	A	-0.42%
ARES	B	-0.41%
FCN	A	-0.41%
SPOT	B	-0.4%
LEN	D	-0.39%
CBRE	D	-0.39%
BLDR	C	-0.39%
FOUR	F	-0.39%
AVY	B	-0.38%
EDR	A	-0.37%
URI	D	-0.37%
GS	A	-0.33%
TRNO	D	-0.32%
HES	A	-0.32%
GILD	F	-0.29%
EL	F	-0.27%
MDB	D	-0.27%
SAM	F	-0.27%
MRK	A	-0.26%
GLPI	F	-0.26%
TT	A	-0.26%
ASML	D	-0.25%
NVO	B	-0.25%
FSLR	A	-0.25%
FND	D	-0.24%
TER	A	-0.22%
STZ	C	-0.2%
WNS	F	-0.19%
ESS	A	-0.18%
NFE	F	-0.16%
OWL	A	-0.16%
MU	B	-0.14%
MASI	D	-0.12%
AGL	F	-0.12%
LEGN	F	-0.12%
LFST	C	-0.06%
MRVL	D	-0.04%